Yaskawa’s technological lead should finally lift the company’s margin.
We initiate coverage of Yaskawa Electric Corporation, a leading industrial robotics player, with a fair value estimate of JPY 2,300, implying a forward P/E of 24 times, an enterprise value/EBITDA multiple of 12 times, and free cash flow yield of 3.1% to estimated fiscal 2018 (financial year ended February 2019) earnings and cash flow. Although the valuation is slightly higher than its five-year historical average, we think Yaskawa is attractive at the present price level and stands to benefit fr...Yaskawa Electric and its affiliates are mainly engaged in the manufacture and sale of electric motors, industrial robots and industrial electrical control systems. Co.'s principal products include AC/DC servomotors, spindle motors for machine tools, programmable controllers, numerical controls, general-purpose/special-system inverters, industrial robots, clean robots, vacuum robots, transfer systems in clean/vacuum rooms, industrial electrical control systems for metal processing, cold rolling and paper making, water supply/sewage control systems, power receiving/distribution panels, circuit breakers, high-voltage switchgears, and energy-saving motor drivers.
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